Home Insurance in Far Hills, New Jersey
The median home value in Far Hills is $792,100, 43% higher than the Somerset County median.
The typical home in Far Hills was built around 1988. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 30% of homes were built before 1960, about 6 points above Somerset County's 24%.
The housing stock in Far Hills is 84% single-family homes and 5% apartments in buildings with 5+ units. The rest are 2-4 unit or other housing types.
54% of owner-occupied homes in Far Hills carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
Far Hills has an owner-occupancy rate of 87% and a vacancy rate of 6%; unoccupied homes typically need a different coverage form.
Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Far Hills - 60% - are primarily heated with natural gas.
FEMA rates Somerset County's overall risk as Relatively Moderate, led by inland flooding (Relatively High). Somerset County had 1,732 active NFIP flood policies as of September 2026. See the full Somerset County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
The statewide average premium for a standard HO-3 homeowners policy in New Jersey is $1,551 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $792,100 |
|---|---|
| Median year built | 1988 |
| Owner-occupied share | 87% |
| Share of owner-occupied homes with a mortgage | 54% |
| Top county hazard | Inland Flooding (Relatively High) |
| Active NFIP policies in Somerset County | 1,732 |
| Home insurance premium | $1,551 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)